The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-31
BIG ASSIGNMENT.
Robert Hare Powell & Co. Fail.
Walnut Street, Philadelphia, Start,
led by the Unexpected News.
The Result OF the Suspension OF Chas.
Z. PennOek, Of Coatesville.
The Paper Of the Firm Had Been
Endorsed b. Powel u Co.
The Liabilities Are Placed At el,-
100000, while the Assets Of
the Firm Amount TO
100000.
Robert Hare Powell & Co. Fail

PHILADELPHIA, Pa, August 30
This morning the announcement was
made that Robert Hare, Powell 4 Go.
and Robert Hare Poweps Sons 4 Co.,,
the great coal mining firms, OF No. 149
Walnut street, had failed, and the
street was necessarily startled. The
failure was admitted by John q. Brad.
ley, who Is the manager and q partner
to both firms. He stated that the fail
ure was the result Of the suspension OF
Charles E. Pennock, Of Costesville, the
extensive iron plate merchant, whose
paper bore the Endorsement OF b1th
the firms, Robert Hare Powell & Co.,
and the junior one Of Robert Hare
Powel's Sons q %. The liabilities he
placed at 81, 800, 900, which is assumed
10 be the aggregate amount fr which
they became the indorsers OF Pen.
nock's notes that were protested yeeter-
day, while the sssets, consisting OF vast
tracts OF valuable coal lands and sp-
purtensn cee, are fixed ut $4,000, 900.
The Guarantee Trust Company has
been made astignees, ard Mr.. Bradley
was, at / o'clock, In consultation with
President Cochran, Of that institution.
tits generally believed that the assets
Of tho two firms are far above their
liabilities and that the course adopted
OF assigning the estate was the wiseet
to meet all Legitimate claims and pre-
vent tacrifices. Tie following circular
has been prepared by Messrs. Powell
4 Co., and has been Issued 10 their
creditors, who are not many In mum.
Der, but are generally large rs to
amounts:
PHILADELPHIA, August 20, 1887.
"The inability ofthe firm OF Charles
f. Psnnock 4 90. 10 meets It's paper
maturing today, Of which We are THU
morning spprised, has made IL necss
sary for US In, the interest OF our crsdi.
tors and ourselves, TO make an assign
meni. We have accordingly conveyed
our property and claims TO the Guar
antee Trust and SAFE Deposit Company
Of this city. The indebtedness OF the
two firms 10 estimated at $l,b7s, 900
The assets are estimated at over "a,
100000. We do this at q time wher
We might at some loss or risk con
tinue our business, but We bsliev,
II wiser to place our Attain
In such a shape a. TO secuf,
not only those 10 whom We are in
debted, but also 10 ourselves q valu
able property. Orr obj'c, is to secur
an extension, and this, " granted, vii
enable MS, we believe, 10 pay all tbs
10 due, principal and interest. On
paper has not been protested, and Gu
wages accounts are neitled up 10 th,
last settlement date. We propose q
send you a statement exhibiting on
stocks and liabilities In q short time
AZ our property 10 txereive, IN use n
many place., and should he spp'aiseC
by dlsinteres,ed experts, We cannot ex
pect 10 have q detailed description OF 1
prepared, but the work Ia progressing
and we will, we think, have one read
In twenty dave. In the meantime ",
herewith report IN vcu the preliml
nary estimate made up from on
books today. We ere advised tina
y1u are by ou' present action NOR
fuly protected than You could no II
any other way, and We ask tour In
diligence for the time necessity To- M
10 make the exhibit proposed aud 1
propnsal OF terms " settlement. W,
| are reanectfnilv. vrure
ROBERT uARRiP0wBL a CO."
In answer 10 Inquiries by q reports .
q msmbe Of the firm eAid: con
couree In this matter IL simply due l.
the feet that We d, not propose 10 pa,
other peoplei psper. We have dom
what We are aatished Ia best for on
creditors, who ara few numerically
but whom we owe lsrge amounts On
aseeis ars m uch more than tufiieien
10 meet our liabilities, 40 may be Feel
by our cifcular We bsva one OF tn
beet plants and mos, valusb'e proper
ties In the world. Here are state
ments for the 28th, 9th and 2S'h o
the present month from our furnaces
For the Goth the production a Iron
was 70i tons, a. $40 per ton on III,
9Th, 70 tons, a, 50 40; on The 2sb
II tons, NJ 1901. This ls q showinI
that will be appreciated by sll i'ol
men % q remarkably god one. Tn,
capacity Of our plant IL about $500
tons q year, tho profit on which 4
from IS 10 90 per ton. We have jus
completed q second furn ace, dupll
cate Of the Old ore, tina, would hav
doubled our capacity. This would hav
gone into op'ralion ON the first O
September. Csrhsps II may vet. A
any rate, xe shall continue our opera
tione. We must 70 %. We canno
stop. We fave on baud now order